Volopay raises USD 2.1M seed funding; company expands into Australia

By Edil Corneille

Singapore-based Volopay raised USD 2.1 million in a seed round funding to provide businesses and startups in the Asia Pacific (APAC) region with a powerful control center for all their financial needs. The investment round was led by Tinder founder Justin Mateen. Other investors joining the round were Soma Capital, CP Ventures, Y Combinator, VentureSouq, the founders of Razorpay, and other prominent angel investors.

Volopay was founded in 2019 by CEO Rajith Shaji and CTO Rajesh Raikwar. The founders met while working at a financial services comparison platform based in Singapore. Whilst there, Rajith and Rajesh experienced the challenges that existed in tracking different company spendings such as subscriptions, vendor payments, and employee reimbursements.

“The whole process is broken. I would spend hours noting down each individual spend and then have to reconcile it with receipts. Once submitted through the company’s expense platform, I would wait a whole month before being reimbursed the funds,” said Volopay CEO Rajith Shaji.

Integrating Airwallex’s APIs to better serve customers

“To fast track our customer offering, we’ve chosen to integrate with fintech giant Airwallex’s API suite. We were impressed by how easy Airwallex’s API technology integrated with Volopay, providing us with robust payment and issuing capabilities,” said Volopay CEO Rajith Shaji.

“We are excited to be Volopay’s chosen API partner at such a significant stage of the company’s growth. Airwallex’s purpose is to empower businesses like Volopay to grow without borders and as a result, contribute to the growth of the global economy,” said Dave Stein, Head Of Corporate Development at Airwallex.

Customer growth at 70 per cent M-o-M

Since the launch of the product in June 2019, more than 100 companies have started using the product in Singapore including companies like InVideo, Dathena, Medline, Sensorflow, Beam, etc.

Volopay is a company on a mission to build a financial control center for modern businesses. Volopay combines business accounts, corporate cards, bill payments, expense reimbursements, credit, cashback, and accounting automation into a single platform. Since launching in Singapore the startup has been on a strong growth trajectory, growing at 70 per cent month on month. They are now stepping into the Australian market, starting in late January.